Engine has acquired 100 per cent of the share capital of Penrose with a mix of cash and equity. The partners at Penrose - including founders Gay Collins, Andrew Nicolls and Shona Prendergast - will become Engine shareholders as a result of the deal along with a number of senior personnel.
The acquisition takes Engine's annual revenues in PR in the UK to over £19m, catapulting Engine into the top ten of the UK PR market.
Penrose, a specialist in the financial services and capital markets sectors, becomes part of Engine's corporate PR unit, Engine Business, which includes both the Mandate and Hogarth PR brands.
Penrose founder and CEO Gay Collins becomes a board director of Engine Business.
Collins said: ‘We see this as an exciting step in Penrose's ongoing development that will enable us to fulfil our ambitions of taking our business to the next stage of growth. Engine is a highly dynamic, independent and multi-disciplinary marketing and corporate communications group and, as part of it, we will be able to accelerate our ability to deliver a broader offering. Similarly, our international objectives become more immediately achievable and can be shaped to our clients' specific needs.'
Sacha Deshmukh, CEO of Engine Business added: ‘The addition of Penrose's strengths and skills cements Engine Business' position as the new force in corporate communications. Right from day one our teams are going to be working very closely together.'